Housing market 'is stabilising'

Those in the capital looking to sell property will be pleased to hear that the market is stabilising.

That is according to estate agent Haart, which has revealed that whilst property prices in London decreased in June, it was only a marginal drop of just 0.20 per cent.

Vendors in London have achieved 95 per cent of the asking price for property and the number of first-time buyers (FTBs) has increased for the third month in a row to 20.5 per cent.

An increase in FTBs is clearly good news for those attempting to sell their property.

Commenting on the results of their survey, Russell Jervis, managing director of Haart, said: "The reduction in prices coupled with rising rents has now caused [buyers] to show a renewed interest in entering the market, particularly in the east, south-east and south of London."

The estate agent's figures show that the number of FTBs has risen from a low of 16.5 per cent in November 2007 to 20.5 per cent last month.